Ethereum fees surged to almost $1200 today
Fees rising due to demand in DeFi projects
Due to the unprecedented hype toward the decentralized finance (DeFi) ethereum fees have been on a journey of unpredictable fluctuations. Ethereum’s median GAS price - a component of the transaction fees- reached a new level of heights when it touched $1200 today, almost equal to the US Stimulus check, comparing the total cost of the basic human requirement to be covered in a single ethereum transaction. Fuelled by the demand in the DeFi projects, the sudden spike is explained due to congestion in the network.
Ethereum, currently the world’s second-largest cryptocurrency network, after its sudden spike in transactional fees did stable down to $200 but is still way above its average fee but can be safely expected to rise considering transactional activities.
Reaction on Twitter
People driving on cryptocurrency took on to twitter after noticing the sudden change in the wind when coming across the $1200 milestone. Josh Rager, the founder of the crypto trading platform, checked on twitter to convey the dismissal of his attempt to purchase tokens on MYX network, stating “decided to pass...plenty of money to be made elsewhere” with a screenshot of price visible at $1,292.20.
Another comical outburst on twitter earlier today, by Su Zhu, the founder of trading firm Three Arrows Capital, saying, “ okay, spending more money on gas on ethereum than pretty much anything else in life right now”. The comical take of Su Zhu was a reply to one of his own previous tweets back in May, comparing ethereum GAS to the fuel in real life.
